After selling surplus real estate and leasing retail space for the Massachusetts Bay Transportation Authority for nearly two decades, TRA, the Boston-based real estate management and consulting firm specializing in transportation-related property, could be on its way out.

On Wednesday, April 9, the MBTA’s board will consider a staff recommendation to dump TRA in favor of a joint venture managed by JLL, the Chicago-based commercial real estate group formerly known as Jones Lang LaSalle.

The T issued a request for proposals last fall for the property-management contract; TRA's existing deal expires in August. The T received proposals from TRA; a joint venture of JLL and Greystone; CBRE; Redgate Real Estate Advisors; and Reltek.

Mark Boyle, the assistant general manager for development at the MBTA, recommended the JLL entity to T’s Finance and Audit Committee last week.

"We appreciate TRA’s nearly 20 years of service, but it’s time to refresh and look at new opportunities," said MBTA spokeswoman Kelly Smith. “The JLL/Greystone team have extensive experience with New York, New Jersey and Chicago transit authorities. They have a strong presence locally, but they are also a national company with great experience with transit-oriented development.”

In a statement, TRA said they wish the MBTA and its new contractor well and look forward to a “smooth transition of services over the next several months.”

Its president, Lorna Moritz, said while TRA was formed to sell and lease MBTA property, her company has been operating TR Advisors LLC for the last seven years and will continue to do real estate asset management, development and brokerage separate from the MBTA. “We are here to stay,” she said.

Smith said TRA signed its first contract with the transit agency in 1996 for five years and it has been renewed twice.

The MBTA has contracted with TRA for the management of its real estate assets, including about 5,000 parcels of land, 800 leases, and 600 miles of right-of-way. Since 1996, TRA has generated more than $325 million of non-fare revenue for the MBTA and more $650 million of cash and non-cash value from underutilized real estate assets, Moritz said.

The meeting comes as the MBTA reviews many of its long-standing contracts with third parties. In January, T’s commuter rail operator, Massachusetts Bay Commuter Railroad Co., which has provided service since 2003, was replaced with Keolis Commuter Services, a French rail company. The contract is valued at $2.68 billion over eight years, with the possibility for two two-year extensions that could bring the total agreement's value to $4.3 billion.